Wolfe Research downgraded shares of Wells Fargo & Co (NYSE:WFC) from a peer perform rating to an underperform rating in a research note released on Wednesday morning, Briefing.com Automated Import reports.
A number of other analysts have also commented on WFC. Keefe, Bruyette & Woods lowered shares of Wells Fargo & Co from an outperform rating to a market perform rating and cut their price objective for the stock from $58.00 to $50.00 in a research report on Sunday, March 31st. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $55.00 to $51.00 and set an equal weight rating on the stock in a research report on Monday, April 15th. Barclays boosted their price objective on shares of Zimmer Biomet from $113.00 to $117.00 and gave the stock an underweight rating in a research report on Monday, April 15th. ValuEngine raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, April 1st. Finally, Bank of America reissued a hold rating and issued a $212.00 price objective on shares of Goldman Sachs Group in a research report on Monday, April 15th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co currently has an average rating of Hold and an average price target of $53.45.
Shares of WFC opened at $47.36 on Wednesday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.87 and a current ratio of 0.88. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The firm has a 50 day moving average of $46.30. The company has a market capitalization of $211.86 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 0.91 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The firm had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter in the previous year, the firm posted $0.96 earnings per share. As a group, research analysts forecast that Wells Fargo & Co will post 4.66 EPS for the current year.
Wells Fargo & Co declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares in the company, valued at $142,599.66. The sale was disclosed in a filing with the SEC, which is available through this link. 0.08% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nations Financial Group Inc. IA ADV lifted its stake in Wells Fargo & Co by 18.4% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,717 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 733 shares during the last quarter. Corient Capital Partners LLC lifted its stake in Wells Fargo & Co by 13.4% during the fourth quarter. Corient Capital Partners LLC now owns 79,019 shares of the financial services provider’s stock valued at $3,641,000 after purchasing an additional 9,355 shares during the last quarter. Acima Private Wealth LLC acquired a new stake in Wells Fargo & Co during the fourth quarter valued at approximately $232,000. Sullivan Bruyette Speros & Blaney LLC lifted its stake in Wells Fargo & Co by 30.2% during the fourth quarter. Sullivan Bruyette Speros & Blaney LLC now owns 5,795 shares of the financial services provider’s stock valued at $267,000 after purchasing an additional 1,344 shares during the last quarter. Finally, Check Capital Management Inc. CA lifted its stake in Wells Fargo & Co by 15.2% during the fourth quarter. Check Capital Management Inc. CA now owns 1,180,650 shares of the financial services provider’s stock valued at $54,404,000 after purchasing an additional 155,465 shares during the last quarter. Institutional investors and hedge funds own 75.35% of the company’s stock.
Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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